Industry

2017 U.S. Soy Global Trade Exchange Highlighted by Purchase Agreement Signing for More Than $1.5 Billion of U.S. Soy

Transaction signifies strength of U.S. Soy trade

Soy buyers from more than 55 countries gathered in Omaha, Nebraska, this week to attend the annual U.S. Soy Global Trade Exchange event. A trade delegation from China, representing more than 10 companies, opened the event by signing contracts worth more than $1.5 billion of U.S. Soy.

China remains the No. 1 customer of U.S. Soy, buying more than one of every four rows of soybeans growing in U.S. farm fields. In a separate transaction, more than $5 billion of contracts were signed just last month by another Chinese trade delegation in Des Moines, Iowa.

Chinese demand for U.S. soybean meal is growing alongside its growing economy. As China’s population grows and becomes wealthier, it’s consuming more protein-rich meat. The sustainability, exceptional composition and consistent reliable supply of U.S. Soy – components of the U.S. Soy Advantage – make it a preferred feedstock for swine, poultry and aquaculture alike.

“These purchase agreements are indicative of the strong relationship between the United States and China and the strength of the trade industry in general” says Xiaoping Zhang, USSEC Country Director – China. “For 35 years, the U.S. Soybean Export Council (USSEC) has helped foster a dialog between the U.S., as suppliers of soy and soy products, and China, as end users. U.S. soybean farmers are really listening to Chinese demands and delivering attributes like sustainability and reliability.”

USSEC made sure that the Chinese trade delegation saw these attributes for themselves in U.S. farm fields.

“The Chinese trade delegation did a lot more than sign purchase agreements on this visit to the U.S.,” says Jim Miller, USSEC chairman of the board. “As our guests, they also toured U.S. soybean farms. This experience afforded buyers the rare opportunity to meet their suppliers firsthand and see sustainable practices up close.”

While in the U.S., members of the Chinese trade delegation joined more than 600 attendees from across the globe at the U.S. Soy Global Trade Exchange in Omaha, Nebraska. The relationships forged at this event helped lay the groundwork for 2018 purchase agreements to come.

About USSEC – The U.S. Soybean Export Council connects U.S. soybean farmers with opportunities to improve human nutrition, livestock production and aquaculture. This mission is accomplished with a science-based technical foundation and a global network of partnerships including soybean farmers, exporters, agribusiness and agricultural organizations, researchers and government agencies. USSEC operates internationally and works with aquaculture programs in different nations to help ensure sustainability and profitability for industry producers. USSEC programs are partially funded by the United Soybean Board (USB).

Photo courtesy of ZimmComm New Media
USSEC Staff Writer
USSEC Staff Writer

Staff Writer

USSEC

USSEC is a dynamic partnership of key stakeholders, representing soybean producers, commodity shippers, merchandisers, allied agribusinesses and agricultural organizations. Through a global network of international offices and strong support in the U.S., we help build a preference for U.S. soybeans and soybean products, advocate for the use of soy in feed, aquaculture and human consumption, promote the benefits of soy use through education and connect industry leaders through a robust membership program.